Govt nod to set up Tax Administration Reform Commission
Posted Date : 14-Aug-2013 , 07:43:11 am | Posted By CASANSAAR
Government today approved setting up of a Tax Administration Reform Commission (TARC) to remove ambiguity and establish a stable and non-adversarial tax administration. The decision was taken at the Cabinet meeting headed by Prime Minister Manmohan Singh here. "The Commission wil...
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Income Tax |
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NSEL fiasco: E-series investors can hold units in demat form or convert into physical metal
Posted Date : 14-Aug-2013 , 07:36:31 am | Posted By CASANSAAR
The National Spot Exchange (NSEL) has suspended trading in e-seriescontracts till further notice after the Forward Markets Commission (FMC) banned new commodity futures contracts due to alleged violations of norms. This has put investors with e-series units in a difficult position, as...
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Shares & Stock |
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Income Tax Department has begun enquiry into firms running from tax havens
Posted Date : 13-Aug-2013 , 08:51:19 pm | Posted By CASANSAAR
The Income Tax Department has initiated enquiries on the issue of Indian entities operating from tax havens as stated by International Consortium of Investigative Journalists (ICIJ), Parliament was informed today. "Income Tax authorities have started enquiries into the matter," Minist...
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Income Tax |
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Government may rethink compulsory Cost Audit as industry not keen
Posted Date : 13-Aug-2013 , 08:39:54 am | Posted By CASANSAAR
Even after a November 2012 government order that made it mandatory for all companies with a turnover exceeding Rs 100 crore to hire a cost auditor, there is resistance from certain quarters. Unlike in the case of a financial auditor, whose appointment is ratified by shareholders , the appointment of...
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ICWAI |
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Govt introduces Bill in Lok Sabha to amend SEBI laws
Posted Date : 13-Aug-2013 , 08:37:18 am | Posted By CASANSAAR
Government today introduced a bill in the Lok Sabha to replace the ordinance which sought to provide more powers to capital market regulator SEBI. The Securities Laws (Amendment) Bill, 2013, was introduced by Minister of State forFinance Namo Narain Meena. The Bill...
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SEBI |
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Three European banks under SEBI scanner for round-tripping
Posted Date : 12-Aug-2013 , 04:35:09 pm | Posted By CASANSAAR
At least three large European banks' dealings with Indian companies and individuals are being probed for alleged round-tripping of funds by using certain multi-layered transactions in violation of Sebi norms.
It is suspected that some portfolio managers at these banks, which have significant presen...
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SEBI |
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Companies Bill: Here are the Pleasure and Pain points
Posted Date : 11-Aug-2013 , 09:07:00 am | Posted By CASANSAAR
India has a brand new company law that's more appropriate for the 21st century and its challenges. With the passing of the Companies Bill , 2012, by the Rajya Sabha on Thursday , which will become the Companies Act, 2013, when formally notified into law, several things change for the India...
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Corporate Law |
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Will the 24 companies pay Rs 5,599 crore that they owe to NSEL?
Posted Date : 11-Aug-2013 , 09:05:34 am | Posted By CASANSAAR
Mohan India is essentially a shell company. In 2011-12, the last date for which its financials were available, the company earned a net profit of Rs 2,044, and had revenues of Rs 72,400. Its balance sheet size was about Rs 17 lakh. Yet Mohan India, along with a sister concern Tavishi Enterprise...
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Shares & Stock |
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The tax implications for NRIs buying property in India
Posted Date : 10-Aug-2013 , 08:22:04 pm | Posted By CASANSAAR
The falling rupee and the lull in the property market in many cities are attracting Indians settled abroad to consider property investments in India. Non-resident Indians are allowed to purchase residential or commercial property in India but not agricultural land / plantation property / farm house,...
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Income Tax |
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ICAI to follow provisions of companies' bil
Posted Date : 10-Aug-2013 , 08:55:05 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India(ICAI) on Friday said that it will implement the provisions of the new Companies Bill in letter and spirit.
"It is the duty of the chartered accountants to respect the law of the land and ensure the compliance of all the provisions", Subodh K...
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ICAI |
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Companies Bill: Auditors pin hopes on rules
Posted Date : 10-Aug-2013 , 08:53:06 am | Posted By CASANSAAR
Unfazed by the onerous responsibility cast on the auditing community, the chartered accountants’ institute is hopeful that its concerns over the Companies Bill 2012 will get remedied at the time of framing of the rules.
The Companies Bill 2012, passed by Parliament on Thursday, is awa...
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Corporate Law |
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Tax fraud: 3 Indians among Britain's most wanted
Posted Date : 10-Aug-2013 , 08:52:02 am | Posted By CASANSAAR
Three of Britain's 30 most wanted fraudsters and tax evaders are of Indian-origin who have cost commoners nearly 10 million pounds.
HM Revenue and Customs (HMRC) published an updated gallery , 2013 Most Wanted, which includes Sumir Soni, Anish Anand and Sahil Jain. All three are in the...
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Income Tax |
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Irda allows banks to act as insurance brokers
Posted Date : 09-Aug-2013 , 09:38:02 pm | Posted By CASANSAAR
Insurance regulator Irda has allowed banks to act as brokers and sell products of more than one insurer so as to increase the penetration of the sector across the country. There is no capital requirement for insurance broking business carried out by banks, according to Irda (Licencing...
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Banking |
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Cabinet approves setting up of all-women bank
Posted Date : 09-Aug-2013 , 05:32:26 pm | Posted By CASANSAAR
Paving the way for setting up of all-women bank , the government on Thursday approved Rs 1,000-crore seed capital for Bhartiya Mahila Bank Ltd.
The Cabinet cleared setting up of all-women bank, sources said.
Earlier this week, Minister of State for Finance Namo Narain Meena had said in a...
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Banking |
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Sebi notifies buyback norms; cos must repurchase at least 50%
Posted Date : 09-Aug-2013 , 08:40:55 am | Posted By CASANSAAR
The norms aim at safeguarding the interest of public shareholders.
The companies will now have to complete their buyback offers within six months, from 12 months currently. Those not able to meet the target will be barred from launching another offer for a period of one year.
The Securitie...
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SEBI |
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Much-awaited Companies Bill passed by Parliament
Posted Date : 08-Aug-2013 , 08:06:10 pm | Posted By CASANSAAR
The Rajya Sabha today approved the much awaited new Companies Bill, making it mandatory for profit making companies to spend on activities related to Corporate Social Responsibility (CSR). In case, a company is not doing so, it will have to explain the reasons for shortfall.
The Bill...
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Corporate Law |
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Finance Minister Releases FAQ on Service Tax VCES
Posted Date : 08-Aug-2013 , 07:20:35 pm | Posted By CASANSAAR
Union Finance Minister Shri. P. Chidambaram released a booklet containing Frequently Asked Questions (FAQ) on Service Tax Voluntary Compliance Encouragement Scheme, 2013 in New Delhi today in the presence of Revenue Secretary, Chairperson and other members of Central Board of Excise & Customs an...
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Service Tax |
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CCI imposes penalty of Rs . 6.25 crores on 11 Shoe Companies
Posted Date : 08-Aug-2013 , 05:46:24 pm | Posted By CASANSAAR
The Competition Commission of India (CCI) has imposed a penalty of Rs. 625.43 Lakhs on 11 Companies in a case filed by Director General-Supplies & Disposal (DGS&D), New Delhi relating to a tender for supply of polyester blended duck ankle boots rubber sole. CCI found these 11 Companies to ha...
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Corporate Law |
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Ten things you wanted to know about the new Companies Bill
Posted Date : 08-Aug-2013 , 04:36:45 pm | Posted By CASANSAAR
The Companies Bill 2012 has been tabled in the Rajya Sabha and is expected to be passed in the monsoon session. Business Standard brings you some key facts you need to know about the bill.
Why do we need a new company law?
When the existing company law - The Companies Act, 1956 was ...
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Corporate Law |
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Owners of Micromax Mobiles arrested in bribery case
Posted Date : 08-Aug-2013 , 02:00:47 pm | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) on Wednesday arrested the co-founder and managing director ofMicromax Informatics, Rajesh Agarwal, and partner Manish Tuli, catching them red-handed in a bribery case. A CBI spokesperson said Agarwal and Tuli were caught paying Rs 30 lakh...
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Income Tax |
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Missed the August 5 deadline? You can still file your income tax returns
Posted Date : 08-Aug-2013 , 08:35:30 am | Posted By CASANSAAR
The last date to file income-tax returns is gone. Okay, the government last week had extended the deadline by a week from July 31 to August 5. As usual, there are many taxpayers who couldn't meet the deadline this year, too. Of course, they also list the usual reasons for not filing return...
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Income Tax |
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Floor and ceiling rates suggested for Goods & Services Tax
Posted Date : 08-Aug-2013 , 08:29:23 am | Posted By CASANSAAR
Parliament’s standing committee on finance has suggested a floor rate and ceiling in the proposed Goods and Services Tax (GST) and making it optional for states to introduce indirect tax reforms. This will lead to multiple tax rates in GST, while the government’s original inten...
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GST |
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Overwhelming Response to e-Filing of Itr: 123.03 Lakh Returns e-Filed till 5th August
Posted Date : 07-Aug-2013 , 08:53:53 pm | Posted By CASANSAAR
The due date for filing of Income Tax Return for Individuals, HUFs and non-auditable cases for A.Y. 2013-14 was extended by the Central Board of Direct Taxes (CBDT) from 31st July to 5th August, 2013 as there was an overwhelming response to e-filing from every corner of the country.
123.03...
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Income Tax |
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Foreign donations above Rs 1 crore under tax scanner
Posted Date : 07-Aug-2013 , 06:51:14 am | Posted By CASANSAAR
All foreign donations above Rs 1 crore will now come under the scrutiny of the Income Tax department. The Central Board of Direct Taxes (CBDT) has issued new directives for selection of scrutiny cases during the financial year 2013-14 by the taxman which also includes b...
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Income Tax |
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Raghuram Rajan appointed as next RBI Governor for three years, to succeed Subbarao
Posted Date : 06-Aug-2013 , 10:55:37 pm | Posted By CASANSAAR
Raghuram Rajan, currently the Chief Economic Advisor to the government of India was on Tuesday appointed the Reserve Bank of India's (RBI) governor for three years.Rajan will replace D Subbarao, who completes his five-year term on September 4, and will be the 23rd Governor of the central bank."Prime...
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RBI |
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Central Government Approves Twelve (12) Proposals of Foreign Direct Investment Amounting to about Rs. 343.99 Crore
Posted Date : 06-Aug-2013 , 10:42:42 pm | Posted By CASANSAAR
Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on July 5, 2013, the Central Government has approved twelve (12) Proposals of Foreign Direct Investment amounting to ...
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International Business |
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Tax defaulters not depositing TDS to be prosecuted
Posted Date : 06-Aug-2013 , 03:34:21 pm | Posted By CASANSAAR
The Income Tax (I-T) department today warned that non-payment of Tax Deducted at Source (TDS) to the government could lead to prosecution.
“It has come to the notice of I-T department that many times the tax deductors, after deducting TDS from specified payments, are deliberately no...
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Income Tax |
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ICAI launches Accountancy Museum
Posted Date : 06-Aug-2013 , 07:49:09 am | Posted By CASANSAAR
It has huge collection of coins & carvings of Vedic period which defines accountancy culture in India.
The Institute of Chartered Accountancy in India (ICAI) Indore branch launched the first ever accountancy museum of Indore on Saturday. The museum includes all the archival data on char...
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ICAI |
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Government investigating complaints of financial fraud against 154 companies
Posted Date : 06-Aug-2013 , 07:43:17 am | Posted By CASANSAAR
The government is looking into complaints of financial fraud against 154 companies, including those connected withSaradha Group and Rose Valley Group, Parliament was informed on Monday. "Complaints have been received against 154 companies/organisations during the last three years," corpora...
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Corporate Law |
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Govt likely to ban trading of e-series contracts on NSEL
Posted Date : 06-Aug-2013 , 07:41:22 am | Posted By CASANSAAR
The government is expected to ban trading in e-series contracts on the National Spot Exchange Ltd (NSEL), the only contracts being traded on the platform.
On the NSEL platform under e-series contracts, retail investors can buy and sell commodities in demat form. This is a unique market segm...
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Shares & Stock |
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